Oil prices fall by 0.9% to $106.29 per barrel

Oil prices fell more than $1 a barrel on Wednesday, under pressure from global central bank efforts to limit inflation as fuel demand weakens.

Brent crude prices fell $1.06, or 0.9%, to $106.29 a barrel by 0946 GMT, while U.S. West Texas Intermediate (WTI) crude for August slipped $1.09, or 1%, to $103.13 per barrel.

The more active WTI contract was at $99.64 a barrel, down $1.10.

Oil prices whipsawed in the previous session, caught in a tug-of-war between supply fears caused by Western sanctions on Russia and expectations of economic weakness; and reduced demand as central bankers indicated they will raise interest rates to combat inflation.

Limited supplies have kept Brent above $105/bbl and prompt Brent inter-month spreads at about $4.40 a barrel .

Reuters/Hauwa Abu